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Post-Keynesian Institutionalism after the Great Recession


  • Charles J. Whalen

    (Utica College)


This article surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, against the backdrop of the current context, important research that paved the way for PKI today. Then it sketches essential elements of PKI – drawing heavily on the contributions of Hyman Minsky – and identifies directions for future research. Although there is much room for further development, PKI offers a promising starting point for economics after the Great Recession.

Suggested Citation

  • Charles J. Whalen, 2013. "Post-Keynesian Institutionalism after the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 12-27.
  • Handle: RePEc:elg:ejeepi:v:10:y:2013:i:1:p12-27

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    References listed on IDEAS

    1. Linwood Tauheed, 2011. "A Proposed Methodological Synthesis of Post-Keynesian and Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(4), pages 819-838.
    2. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    3. Gordon, Robert Aaron, 1976. "Rigor and Relevance in a Changing Institutional Setting," American Economic Review, American Economic Association, vol. 66(1), pages 1-14, March.
    4. Hyman P. Minsky, 1996. "Uncertainty and the Institutional Structure of Capitalist Economies," Economics Working Paper Archive wp_155, Levy Economics Institute.
    5. Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 85-102, Fall.
    6. Christian Weller & Kate Sabatini, 2007. "The Financial Vulnerability of Families," Challenge, Taylor & Francis Journals, vol. 50(3), pages 72-98.
    7. Hyman P. Minsky & Charles J. Whalen, 1996. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Economics Working Paper Archive wp_165, Levy Economics Institute.
    8. Zdravka Todorova, 2009. "Money and Households in a Capitalist Economy," Books, Edward Elgar Publishing, number 13178.
    9. Buiter, Willem, 2009. "The unfortunate uselessness of most ’state of the art’ academic monetary economics," MPRA Paper 58407, University Library of Munich, Germany, revised 06 Mar 2009.
    10. Minsky, Hyman P, 1969. "Private Sector Asset Management and the Effectiveness of Monetary Policy: Theory and Practice," Journal of Finance, American Finance Association, vol. 24(2), pages 223-238, May.
    11. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    12. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 807-828, July.
    13. Eric Tymoigne, 2007. "A Hard-Nosed Look at Worsening U.S. Household Finance," Challenge, Taylor & Francis Journals, vol. 50(4), pages 88-111.
    14. John Marangos & Charles J. Whalen, 2011. "Evolution without fundamental change: the Washington Consensus on economic development," Chapters,in: Financial Instability and Economic Security after the Great Recession, chapter 8, pages 153-178 Edward Elgar Publishing.
    15. John R. Commons, 1909. "American Shoemakers, 1648–1895 A Sketch of Industrial Evolution," The Quarterly Journal of Economics, Oxford University Press, vol. 24(1), pages 39-84.
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    Cited by:

    1. Charles J. Whalen, 2016. "Post-Keynesian economics: a pluralistic alternative to conventional economics," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 7(1), pages 22-38.

    More about this item


    Post-Keynesian Institutionalism; institutional economics; post-Keynesian economics; financial instability; money manager capitalism; Hyman Minsky;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles


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